Homebuyer demand keeps NY housing market moving
Albany, NY – July 23, 2018 – The New York State housing market posted a solid first half of the year with 60,043 closed sales, falling only 3.8 percent behind the 2017 record sales pace, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price continued to grow though the first six months of 2018, climbing 8.9 percent from the first half of 2017 to reach $262,500.
“The story line at the midpoint of this year is sellers doing well in a tight inventory market that also has eager buyers ready to close,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “With the ongoing growth in selling prices it is a great time for wavering sellers to come off the sidelines. If we see an uptick in seller activity and any meaningful growth in new residential construction, the housing market could make a run at last year’s sales record.”
There were 60,043 closed sales from Jan. 1 to June 30, a decrease of 3.8 percent from the same period in 2017. Second quarter 2018 sales declined by 5.5 percent compared to the 2017 second quarter to finish at 31,952. The June 2018 closed sales total of 12,234 represents a 10-percent decline from June 2017.
Through the first six months of the year, the statewide median sales price increased 8.9 percent compared to the same period in 2017 to reach $262,500. The second quarter 2018 median sales price of $266,500 represents an 11-percent increase from the second quarter 2017 median of $240,100. The June 2018 median price of $280,000 was a 9.8-percent increase compared to June 2017.
Pending sales decreased 2.0 percent to 68,974 through the first six months of 2018 compared to the same period in 2017. Second quarter 2018 pending sales (39,894) were 1.5-percent below the 2017 second quarter. June 2018 pending sales (13,421) were down 3.5 percent compared to June 2017.
The months supply of inventory dropped 6.1 percent at the end of the second quarter to 6.2 months supply. It was at 6.6 months at the end of the 2017 second quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 70,038, a decrease of 5.3 percent compared to the 2017 second quarter.
Additional data is available at https://www.nysar.com/industry-resources/market-data
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 55,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS.